Courtesy of Peter Muller

Despite Interest Rate Worries, Low Inventory Causes Increase in Average Sale Prices

$203,663 apt./ condo UP 8.9% year-to-year

$486,751 detached UP 1.8% year-to-year

AVERAGE SALE PRICES

$258,779 row/ townhouse DOWN 0.6% year-to-year

2,753 NEW LISTINGS 1,812 SOLD LISTINGS

detached 1,620 492 detached 1,055 291

apt./ condo

apt./ condo

3.5 MONTHS OF INVENTORY

6,259 ACTIVE LISTINGS

66% SALES TO NEW LISTING RATIO

46 DAYS ON MARKET

Edmonton, November 2, 2023 - Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for October 2023 came to 1,812. New residential listings amounted to 2,753, which is 8.8% lower than September 2023. Overall inventory in the GEA showed decreases of 12.7% from October of last year. Total residential average prices came in at $396,550, a 0.6% increase from September 2023. Detached homes averaged $486,751, amounting to a 1.8% year-over-year increase. Row/ townhouse prices were down 3.1% from September 2023, selling at an average of $258,779. Apartment Condominium average prices hit $203,663 showing increases of 11.8% from last month and 8.9% from last year.

“We’ve seen in other markets what a low supply of inventory can do to home prices,” says REALTORS ® Association of Edmonton 2023 Board Chair Melanie Boles. “And that applies on a smaller scale to any market during the colder season. There are buyers who can’t wait until spring when more properties become available, and they’re willing to spend more on the right place. But until we see interest rates come down, for many people those detached homes are still out of reach.” Overall, all residential listings averaged 46 days on the market. Statistics reflect market activity in October 2023 | Source: REALTORS ® Association of Edmonton | Market values stated are of the average of Edmonton and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

Each office is independently owned and operated

The best compliment you can give me is a referral to your friends and family.

Cell: 780.996.0208 Email: peter@makeityourhome.ca www.makeityourhome.ca

Privacy Disclosure: We respect your privacy. The sponsor indicated on the front panel provides a complimentary subscription of this publication to you, a valued client. If at any time or for any reason you do not want to receive this publication, please contact the sponsor using any of the contact info on the front panel, and your personal information will be removed from the mailing list immediately. Without response to this cancellation offer, we assume your implied consent and permission to continue provision. Disclaimer: This publication is distributed for the purpose of information only. It is not intended to solicit buyers or sellers currently under contract by a real estate firm or under contract with another Broker or Mortgage Specialist, nor is it intended to cause or induce breach of any existing agreement. Distributed by: dmsmarketing.ca Copyright© 2023 All Rights Reserved / Printed on recyclable material. The trademarks REALTOR ® , REALTORS ® and the REALTOR ® logo are controlled by CREA and identify real estate professionals who are members of CREA.

Made with FlippingBook - Online magazine maker